CMA Vineet Chopra
8th two days meeting of GST Council concluded on 4th January 2017 but the contentious issue of tax administration remained un-resolved. Next meet scheduled on Wednesday – 11th Jan 17 to deliberate the same.
1. GST council reached to consensus on most of provisions of IGST and other few issues related to CGST, SGST.
2. Slabs on 1500 items yet to be decided
3. Six sectors including banking and insurance, IT and telecom, and civil aviation made presentations pressing for a single registration either with Centre or states under the new regime.
4. Revenue loss to states is estimated to be more than the previous estimates of Rs. 55,000 crores,
5. Coastal states raised issue of taxation rights over high seas upto 12 Nautical miles offshore which is proposed to be with Centre under IGST law. FM decided to take legal opinion on its constitutional validity.
6. On administration issue Centre is keen to have vertical division of assessee between Centre and State but States demand exclusive jurisdiction over assesses upto Rs. 1.5 Crore turnover.
7. April deadline though not ruled out but seems difficult, yet june or july’ 17 said to be a realistic target.
Source- http://economictimes.indiatimes.com/articleshow/56322287.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
(Author is CMA, CS, LLM and can be reached at vineet.chopra01@gmail.com)
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